New Initiative for minority entrepreneurs

WDSU's Casey Ferrand previews the announcement of a new initiative aimed at making New Orleans a start-up hub for minority entrepreneurs.

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Updated: 7:05 AM CDT Mar 11, 2014

New Initiative for minority entrepreneurs

WDSU's Casey Ferrand previews the announcement of a new initiative aimed at making New Orleans a start-up hub for minority entrepreneurs.

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Updated: 7:05 AM CDT Mar 11, 2014

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WEBVTT HAPPENING TODAY -- MAYOR MITCHLANDRIEU AND OTHER CITYLEADERS WILL GATHER AT DILLARDUNIVERSITY TOANNOUNCE A NEW PROGRAM FORMINORITY ENTREPRENEURS.IT'S A PARTNERSHIP BETWEEN THENEW ORLEANSSTARTUP FUND -- CHEVRON -- ANDTHE ESSENCE FESTIVAL BYCOCO-COLA... WDSU'S CASEYFERRAND JOINS US LIVE FROMDILLARD UNIVERSITY WITH WHATTHIS MEANS FOR THECOMMUNITY... GOOD MORNING CASEYTHERE ARE VERY FEW MINORITYENTREPRENEURS, AND THEY RARELYGET FUNDING. HOWEVER TODAY...BUSINESS AND CITY LEADERS AREANNOUNCING AN INITITIVE THATCOULD CHANGE THAT.IT'S A NEW PROGRAM FOR MINORITYENTREPRENEURS... AN INITIATIVE THAT'S COULDPOSITION NEW ORLEANS AS AMINORITY START-UP HUB IN THEUNITED STATES. MINORITYENTREPRENEURS MADE UP JUST 8.5PERCENT OF THE PEOPLE PITCHINGTHEIR BUSINESSES TO ANGELINVESTORS IN THE FIRST HALF OF2013. THAT'S ACCORDING TO AREPORT ON THE ANGEL MARKET BYTHE UNIVERSITY OF NEW HAMPSHIRECENTER FORVENTURE RESEARCH. ANGELINVESTORS PROVIDEFINANCIAL BACKING FOR SMALLSTARTUPS ORENTREPRENEURS... THEY'RE USUALLYAN ENTREPRENEUR'SFAMILY MEMBER OR FRIEND. ETHNICMINORITY ENTREPRENEURS...ARE LESS LIKELY TO RECEIVEINVESTMENTS. ACCORDING TOTHE REPORT... JUST 15 PERCENT OFMINORITY-OWNED FIRMSSUCCESSFULLY TRANSLATED THEIRPITCHES INTO MONEY.THAT'S COMPARED TO 22 PERCENT OFALL OTHER BUSINESSES.HOWEVER TODAY THE NEW ORLEANSSTARTUP FUND WILL JOINCHEVRON, REPRESENTATIVES OF THE2014 ESSENCE FESTIVAL PRESENTEDBY COCA-COLA, MAYOR MITCHLANDRIEU AND A HOST OF BUSINESSAND CIVIC LEADERS TOANNOUNCE A NEW INITIATIVE INSUPPORT OF THOSE MINORITYENTREPRENEURS. THE ANNOUNCMENTWILL HAPPEN AT10:30 THIS MORNING IN THESTUDENT UNION HERE ONDILLARD'S CAMPUS.WE'LL HAVE MORE ON THISMORNING'S ANNOUNCMENT INLATER NEWSCASTS. ON YOUR SIDECASEY FERRAND WDSUNEWS.NEW THIS MORNING WE NOW KNOW THEIDENTITY OF ONE

New Initiative for minority entrepreneurs

WDSU's Casey Ferrand previews the announcement of a new initiative aimed at making New Orleans a start-up hub for minority entrepreneurs.